The receivers of the Cue and Veronika Maine are planning to close five stores across the network, calling it a difficult decision that they believe is in the best interest of the businesses going forward.
This new update comes after Kate Warwick and Vaughan Strawbridge of FTI Consulting (Australia) Pty Ltd were appointed as receivers of Cue & Co Pty Ltd, Cue NZ Pty Ltd and Cue international (NZ) Pty Ltd, by the Companies’ secured lenders this week.
This followed the appointment of voluntary administrators on the same date.
Four Cue stores are set to close, including its store in Woden in the ACT, Melbourne Central and Armadale stores in Victoria, and its Parramatta store. Veronika Maine’s Mosman store will also shutter.
No concessions are included in the closures. The receivers shared that they will explore opportunities to redeploy staff across the network where possible.
The shutterings will bring Cue Clothing’s total store network to 46, down from 51 when it fell into administration. Of these, nine are outlet stores.
The receivers added that they are continuing to trade the businesses as going concerns while running a sale process. They have reported “good initial interest” from potential buyers in the sale process, highlighting the strong brand recognition and positive sentiment for Cue and Veronika Maine. Expressions of interest are anticipated in early October.
Cue Clothing Co. is a Sydney-based fashion business. Its two brands occupy distinct but complementary positions in the premium Australian womenswear market, with a retail presence across Australia and New Zealand, through its own boutiques as well as a presence in major department stores offering distinctive ranges of apparel and accessories.